The White House-led talks on the future of TikTok are coalescing around a plan for the biggest non-Chinese investors in parent company ByteDance to increase their stakes and acquire the app’s US operations, Reuters has reported.
The plan entails spinning off a US entity for TikTok and diluting Chinese ownership in the new business to below the 20 per cent threshold required by US law, rescuing the app from a looming US ban, sources have told Reuters.
Jeff Yass’ Susquehanna International Group and Bill Ford’s General Atlantic, both of which are represented on ByteDance’s board, are leading discussions with the White House, Reuters has reported.
Walmart is also considering joining a group of investors in a deal for TikTok, an ABC News reporter said on social media. The big retailer, which had expressed an interest in investing in TikTok in 2020, did not immediately respond to a Reuters’ request for comment.
TikTok did not immediately respond to a request for comment.
